The latest state and local real estate data from the Indiana Association of Realtors suggests April was a solid month for Indiana’s housing market.

Indiana home sales grew 8% from March to total 6,730 closings in April, 9% ahead of 2023; new pending sales (7,401) also finished 3% above April 2023. Closed sales are now running just ahead of 2023 year-to-date (+1%).

This is a significant change from last spring, when closed and pending sales both dropped from March to April, reversing normal seasonal trends as rising mortgage rates and falling inventory combined to slow sales activity, the Association stated.

Even though mortgage rates remain elevated, rate cuts remain on the horizon…and Indiana housing supply has remained stable this year as sellers continue to venture back to the market in larger numbers: 8,617 homes were newly listed last month (8% ahead of April 2023).

10,064 homes were listed for sale on a given day last month; this means 24% more homes available to Hoosier homebuyers as a daily average compared to 2023.

Indiana’s median home sale price remained at $250,000; unchanged from March but up 2% year-over-year and representing 96.7% of original listing price.